Overall, company insolvencies across the board were 7% higher when compared with January, at 1,878, but were 7% lower on an annual basis.
Experts said the cost shock being caused by the Iran conflict and rocketing oil prices could push company failures even higher, with inflation set to rise once more and interest rates now expected to stay higher for longer.
A number of high profile firms have gone bust so far this year, affecting thousands of jobs, including American-inspired restaurant chain TGI Fridays, accessories retailer Claire’s and Revolution Bars owner The Revel Collective.
On Monday, car park operator NCP added to the list, calling in administrators after seeing losses mount in a move putting 682 jobs at risk.
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